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Money Laundering And Terrorist Financing

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Editor’s Note

When we put together this newsletter, we are cognizant that we need to stop and take stock of all that has happened this quarter. As a regulator the reality is that we cannot focus on a particular moment for too long before the next thing that needs attention pops up. As busy as the industry we regulate keeps us, it always warms the heart to see the industry treating customers better, and joining us in our mandate of protecting financial customers. This newsletter provides us with a platform and an opportunity to share updates on the work.

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News Round Up.

The FSCA warns the public against scams involving requests for advance - fee or bank transfer payments

The FSCA warns the public to be cautious when receiving requests for advance-fee or bank transfer payments. These are types of false or illegal transactions mostly facilitated by fraudsters.

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Update on the statutory management of N-e-FG Administrators (Pty) Ltd

T he FSCA has taken further steps against N-e-F-G Fund Administrators, following the appointment of Mr Krishen Ganas Sukdev as Statutory Manager on 30 May 2022 (confirmed by the High Court on 11 October 2022).

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FSCA cancels the exchange licence of ZAR X (Pty) Ltd

The FSCA with the concurrence of the Prudential Authority and the South African Reserve Bank, has cancelled ZAR X’s exchange licence in terms of section 60(1) of the Financial Markets Act, 2012 (Act no. 19 of 2012) (FMA) with immediate effect.

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The FSCA debarred Mr Keenan Ebden and imposes an administrative penalty on Ebden for contravening financial sector laws

The FSCA has imposed an administrative penalty of R1 million on Mr Keenan Ebden and debarred him for a period of fifteen years.

One of the key panellists at the recent FSCA Retirement Funds Conference titled The Future of Retirement Funds in South Africa was Zareena Camroodien, Head of the Retirement Funds Supervision: Fund Governance and Trustees Department. We sat down with her for a chat about her role and the role of the department she heads up. This is what she had to say

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A Tougher Stance Against Money laundering and Terrorist Financing

On 24 February 2023, the Financial Action Task Force (FATF) announced its decision to place South Africa on its grey list. The FATF welcomed the significant progress made by South Africa to remedy shortcomings in the country’s efforts to combat financial crime

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The FSCA ushers in a new era for Retirement Funds

South Africa’s retirement funds industry is not operating at optimal levels. This and other worrying findings are revealed in the South African Reserve Bank (SARB) working paper Characteristics of the South African Retirement Fund Industry 2022.

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The FSCA Supervision Seminar 2023 – Key Takeaways

The FSCA in collaboration with the Compliance Institute Southern Africa (CISA) recently held a first of its kind Conduct Risk Supervision Seminar on the 20th March 2023 as it continuously evolves its approach to conduct supervision. The seminar covered the important role of the compliance community in entrenching an effective culture of good conduct and also provided updates on key trends and upcoming projects of the FSCA.

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FSCA Business Week Webinar

The FSCA’s Consumer Education department recently hosted a business week webinar inclusive of panel discussions in which it highlighted the importance of financial literacy as a critical topic - one that would be particularly beneficial given South Africa's current financial situation

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A frank conversation about money matters!

In this article though, the emphasis will be more on the importance of having a conversation with your family regarding important documents when one of the parents pass on. Parent must make sure that their children know where to go, what to do and who to contact ...

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Improving the understanding of Beneficial Owner Obligations

The Theory of Change, a description of the causal chain of events that leads from the implementation of an intervention to the desired outcome, states that when young people engage interactively with financial literacy content, it leads to increased financial knowledge.

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Our Vision

To foster a fair, efficient, and resilient financial system that supports inclusive and sustainable economic growth in South Africa.

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Call Centre: (+27) 0800 20 37 22 4

Switchboard: (+27) 12 428 8000

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